Hess Midstream LP Expands Public Offering of Class A Shares
Hess Midstream LP Launches Significant Public Offering
Hess Midstream LP (NYSE: HESM) has recently revealed exciting news regarding its public offering of Class A shares. The company’s announcement highlights the upsizing of the previously announced underwritten public offering to an impressive total of 11,000,000 Class A shares, which represent limited partner interests in Hess Midstream. This strategic move was made in conjunction with an affiliate of Global Infrastructure Partners, known as the Selling Shareholder, enhancing the size from a prior offering of 10,000,000 shares. Along with this adjustment, the Selling Shareholder has also granted underwriters a notable 30-day option to acquire up to 1,650,000 additional shares.
Details of the Offering
Financial Implications for Hess Midstream
It is important to note that Hess Midstream will not receive any proceeds from this sale of Class A shares in the offering. The anticipated closure of the offering is expected to happen soon, aligning with standard closing protocols. As Hess Midstream continues to solidify its position in the energy sector, this maneuver represents thoughtful financial management.
Underwriter Involvement
Citigroup has stepped up as the bookrunning manager for this public offering. The underwriter is set to offer the Class A shares in various transactions, whether on the New York Stock Exchange, in the over-the-counter market, or through transactions negotiated at market or agreed-upon prices. This diverse approach to selling shares signifies the strong interest and market responsiveness the company is anticipating.
Regulatory and Legal Frameworks
Overview of the Prospectus
The sale of these securities is exclusively being conducted through a prospectus supplement along with an accompanying base prospectus that has been duly filed with the Securities and Exchange Commission (SEC). While potential investors can seek copies of the prospectus on the SEC’s website, the proactive transparency ensures all interested parties are well-informed about buying into HESM.
Investor Communication
For those wishing to connect with the underwriter directly, Citigroup has provided contact details for inquiries. Located at 1155 Long Island Avenue, Edgewood, NY, prospective investors can reach Citigroup by telephone for further assistance on this public offering. Their staff is prepared to provide necessary support to help facilitate the investment process.
Hess Midstream's Strategic Growth
Midstream Operations Focus
Competing effectively within a dynamic energy landscape, Hess Midstream is identified as a fee-based, growth-oriented entity dedicated to enhancing its midstream operations. The company prides itself on owning, operating, developing, and onboarding a diverse array of midstream assets that cater not only to Hess Corporation but also to external customers. This holistic approach to service provision strengthens their market position, demonstrating their commitment to engaging diverse stakeholders.
Asset Management and Presence
The midstream assets managed by Hess Midstream predominantly focus on oil, gas, and produced water handling. Primarily located in key regions such as the Bakken and Three Forks Shale plays, these assets are strategically based in the Williston Basin of North Dakota. This geographical focus allows Hess Midstream to optimize service delivery while tackling market demands effectively.
Frequently Asked Questions
What is the recent development in Hess Midstream's offerings?
Hess Midstream LP has announced an upsized public offering of 11,000,000 Class A shares, increasing its initial target.
Who is managing the public offering for Hess Midstream?
Citigroup is acting as the bookrunning manager for this significant public offering.
Will Hess Midstream receive proceeds from this offering?
Hess Midstream will not receive any proceeds from the sale of these Class A shares.
What types of assets does Hess Midstream manage?
Hess Midstream primarily manages oil, gas, and produced water handling assets located in crucial shale plays.
How can investors obtain prospectus information for the public offering?
Copies of the prospectus supplement can be accessed via the SEC’s website, ensuring transparency for investors.
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